EURO/UNITED STATES DOLLAR
The price chart of Euro / United States Dollar formed a symmetrical triangle pattern on the daily chart. Symmetrical triangles can be classified as both continuation and reversal patterns. My bias for this pair is to the downside. A daily close below the lower boundary will confirm this as a bearish continuation chart pattern with a possible price target of 1.0636.
UNITED STATES DOLLAR/SOUTH AFRICAN RAND
The price chart of United States Dollar / South African Rand formed a symmetrical triangle pattern on the daily chart. Symmetrical triangles can be classified as both continuation and reversal patterns. My bias for this pair is to the downside. The pair formed it’s price pattern after reaching the multi-decade diagonal resistance. The currency pair is in need of a small pull-back which could extend towards the ascending (minor) trend line. A daily close below the lower boundary will confirm this as a bearish reversal chart pattern with a possible target of the ascending trend line. Note: 75 % of symmetrical triangles act as continuation patterns but I will personally not enter a long position on a break of the upper boundary.
